Trust Re

When he embarked on the establishment of Trust Insurance and Reinsurance Company in 1989 with a reduced staff of 12 people and a capital of 15 million USD, Ghazi Abu Nahl is already regarded as one of the best specialists of insurance in the Middle East. Trust Insurance and Reinsurance is, therefore there, to complete the puzzle of the insurance companies that its founder has been so patiently establishing since 1981.

Rebaptized Trust Re as of February 28, 2008, the reinsurance company may be considered today as one of the Group's most elaborate piece of work.
Despite the positive results reported in recent years, it was only at the start of 2005 that the company reached its cruising pace. For a capital worth 100 million USD, the 2007 turnover amounted to 184 million USD, net result to 35.9 million USD and return on equity to 19.85%. A performance at the reach of no other reinsurer in the region.
From a purely family business, run by a respected and enlightened patriarch, Trust Re has gradually been turned into a genuine professional reinsurer which excelled at attracting the region's best human potentialities.

Ghazi Abu Nahl
Founder of Trust Group

Specialised from the outset in oil risks for the Arab countries, the company is expanding its scope of operation year after year. In order to develop its portfolio in the East and set foot on the Asian markets, Trust Re opened, as of 2003, an underwriting office in Kuala Lumpur. Westward, it was Africa that the company turned to.
Highly rated by international rating agencies, the Bahrain-based reinsurer may rely on its new generation of underwriters to build its portfolio and consolidate its foundation, under the ever watchful eye of Ghazi Abu Nahl.

Trust Re in 2007

100 million USD
184.10 million USD
Net result
35.9 million USD
Shareholders' equity
183.3 million USD
Total assets
462 million USD
Return on equity (R.O.E)
Combined ratio
Number of employees


Kamel Abu Nahl
Fadi Abu Nahl
Chief operating officer
Nabil Cotran
Deputy chief operating officer
Samir Shaman
Chief underwriter
Gunnar Maltegard
Head of finance
Yousif Anzawi
Group actuary and risk manager
Said Younsi

Main financial highlights: 2003-2007

in thousands USD
Gross written premiums
62 63666 527188 360181 408184 101
Net written premiums
7 6179 16896 91562 18996 080
Net earned premiums
7 0958 04394 41858 88383 835
Net incurred losses
3 1173 63661 73533 55250 372
Net acqusition costs
(3 672)(3 654)15 5064 97813 290
Management expenses
4 5914 6888 1026 5786 995
Investment income
2 0666 80710 83352 29718 611
Other financial costs
9511 9784 0972 6285 880
Net result (after tax)
5 26210 83722 84067 92935 932
in millions USD

Net loss ratio: 2003-2007

Combined ratio: 2003-2007


Head office
P.O Box 10002, Manama, Bahrain
(+973) 17 532425
(+973) 17 531586
mail [at] bahrain [dot] trustgroup [dot] net
Thanks: We thank Trust Re for their kind assistance in the conception of this survey.
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